Agenda item

Purpose of the Report

(a)         To provide a detailed update in respect of proposals to restore and regenerate Central Market and City Square, as a key project within the Lincoln Town Deal Programme.

(b)         To present the full business case for the Central Market and City Square Project, including the proposed funding strategy and operational arrangements, and to endorse its submission for consideration under the Town Deal governance arrangements, for a final decision in respect of Town Funding.

(c)         To seek agreement to delegate final approval of the delivery and contracting arrangements for this project to the Section 151 Officer and the Director of Major Developments, which would be subject to securing Town Funding and a final scheme cost that could be financed and delivered viably.

Decision

(1)         That the update in respect of proposals to restore and regenerate Central Market and City Square, as a key project within the Lincoln Town Deal Programme, be acknowledged.

(2)         That the submission of the full business case for the Central Market and City Square Project for consideration under the Town Deal governance arrangements, for a final decision in respect of Town Funding, be approved.

(3)         That the final approval of the delivery and contracting arrangements for this project be delegated to the Section 151 Officer and the Director of Major Developments, subject to securing Town Deal Funding and to a final scheme cost that can be financed and delivered viably.

(4)         That the proposals for the existing traders (as set out in paragraph 6.1 of the report and in the full business case) be approved and existing traders be notified of these proposals, which would be provisional upon securing the full funding package.

(5)         That the sum of £8.439 million be included as a capital estimate in the General Investment Programme, with associated funding, including new prudential borrowing up to a maximum of £1.732 million (subject to Town Deal Funding being awarded), being approved.

(6)         That the Director of Major Developments and the Chief Finance Officer be authorised to approve the final revenue estimates, which would be dependent on the final of the delivery and contracting arrangements, which would include the resourcing of any upfront staffing costs; and with any revenue shortfall against the Medium Term Financial Strategy being funded from the Vision 2025 earmarked reserve to a maximum of £0.183 million.

Alternative Options Considered and Rejected

A full options appraisal for the regeneration and operational proposals was included in the business case and was summarised throughout the report presented.

Reasons for the Decision

The Lincoln Central Market, as a grade II listed building, was built in 1937 and had incorporated the frontage of the Butter Market, built in 1737.  The condition of the building was poor and its windowless northern elevation was uninviting, which undermined the vitality of the adjacent public space.

The Council had a long-standing ambition to restore and regenerate the market, but a lack of funding had limited any significant investment.  Following a combination of Town Fund and Heritage Action Zone support, work had proceeded on the detailed design stage.  Planning consent had been granted on 30 June 2021, which included the opening of the blind arches on the north and east elevations; a new mezzanine floor; the replacement of the roofing and a glazed lantern; the demolition of the extension to the south; and the construction of a new two storey extension to accommodate a new commercial unit with balcony.

It had also been proposed to repave and enhance external areas immediately adjacent to the building at City Square and Sincil Street, with the aim of increasing footfall, occupancy and turnover; and combining food and non-food retailing, with expanded food and beverage and communal dining.  In response to a question, the Executive was advised that consideration was being given to the public conveniences at the Lincoln Central Market.

The total cost of the capital works to both the Central Market building and adjacent area (including fees and management) was estimated to be £8.5 million, which would be funded through a combination of the Town Deal Fund; Heritage Action Zone funding; and Council reserves and borrowing.  Existing traders would be supported to relocate, which would enable the works to proceed.  The Executive stressed the importance of the business case being deliverable and that dialogue continued with the current market traders.

Similar to other successful markets and shopping centres, dedicated professional management was proposed to ensure that the market could operate successfully and maximise its benefits. 

The business case would be submitted for consideration and approval under the Town Deal governance arrangements. Subject to approval of the business case, agreement on the final scheme, its costs and a strategy for relocation, the project could commence in early 2022.